It is possible to drag and drop any supported file onto a project timeline or find it from the media import section within MEP.
The bit depth is not as important to MEP as the sampling rate which should match the project, which in most cases would be 48kHz 44kHz at a pinch. Other sample rates may not work or present problems. Personally I haven't tried other sample rates as they are not common video sample rates.
On a separate note. Did you get Movie Edit Premium Pro 16.01.22(UDP3) to run on your Windows 10 system?
It would also be really useful to put your complete computer spec, Windows 10 build, and MEP program version number into you signature so that we can answer any questions you may have more easily in the future by having to ask less questions sometimes.